We. Told. You. So.
President Obama’s American Reinvestment and Recovery Act, otherwise known as the Stimulus by normal intelligent people, and as TAX HIKES AND SOCIALISM!!!! (even though it contained the largest tax cut in all human history) by people who can’t put together a correctly spelled sentence if their life depended on it (otherwise known as the Teabaggers), is now proved to be a smashing succcess.
The $787 billion economic stimulus package signed into law early last year “has had a slightly bigger effect on the U.S. economy than was projected when it was passed more than a year ago,” the Wall Street Journal reports.
“Through the first quarter of 2010, the stimulus boosted employment by an estimated 1.3 million to 2.8 million jobs, about a quarter or half million more than projected. Gross domestic product was 1.7 to 4.1 percentage points higher than it would have been without the stimulus.”
Indeed, according to the nonpartisan Congressional Budget office, the unemployment rate would have increased an additional 1.5 percentage points in the absence of the stimulus. As many as “3.7 million American jobs could be attributed to the Recovery Act by the end of the September.”
We. Told. You. Fucking. So.
It is time for the Republicans to own their policy choice in this debate: they wanted to defeat the Stimulus, they wanted to deny you the tax cut, they wanted the country to sink further into a massive Great Depression, and they wanted more Americans to lose their jobs. That is what they voted for.
They should own it.
Gross domestic product was 1.7 to 4.1 percentage points higher than it would have been without the stimulus.
What this means is Republicans who oppose ARRA are wishing for a continued recession.
I found a convenient benchmark for the CBO’s analysis:
http://www.tommywonk.com/2010/05/cbos-analysis-of-recovery-act.html